River Oaks Properties, a company based in El Paso, Texas, has expanded its presence in South Florida with the purchase of a retail building in the Miami Design District. The affiliate led by President Adam Frank acquired the property at 111 Northeast 40th Street for $27 million. The two-story building, which covers 7,106 square feet and was completed in 2014, houses Birkenstock and Rimowa as tenants.
The price paid by River Oaks equates to nearly $3,800 per square foot. This transaction is $5.5 million higher than the previous sale price nine years ago. Jordan Gimelstein of Inhouse Commercial represented the seller in the deal, while Pegasus Investments represented River Oaks. Akerman provided legal advice to River Oaks during the acquisition.
The seller was an affiliate of Harbor Group International from Norfolk, Virginia, led by T. Richard Litton, Jr., who had bought the property for $21.5 million in 2016.
Earlier this year, River Oaks also bought a commercial building in Miami Beach’s South of Fifth neighborhood for $28 million. That property is leased to Catch restaurant and was sold by Robert Rivani.
Although River Oaks primarily invests in retail properties in Texas, it entered the South Florida market in 2022 with its purchase of Shop Delray—a grocery-anchored shopping center—for $25.5 million. According to its website, River Oaks was founded in 1959 and owns more than 190 shopping centers and single-tenant retail sites.
The Miami Design District continues to attract significant investment activity. Last month, Ponte Gadea—the family office of Spanish billionaire Amancio Ortega—acquired Atlas Plaza at 130 Northeast 40th Street for about $110 million; that site includes tenants such as Rolex and Michael’s Genuine restaurant. In July, Ildico Jewelers from Beverly Hills purchased a fully leased two-story retail building at 3800 Northeast Second Avenue for $35 million.
